Tuesday Thought: What is Wealth?

I feel as though living in the capitalist society that we do most people equate wealth with material goods. Be that as it may, I believe wealth can come in all types of abundances. Time, food, energy, etc.

I equate having wealth as having an abundance of something. Tangible or not. Wealth doesn’t automatically equal possessions. To me, true wealth is having the freedom to do what I choose with my time. My idea of wealth is being able to do what I choose when I choose with my time. Not having to work for a living is real wealth to me and dare I say financial freedom.

Speaking of financial freedom getting rid of this credit card debt I have will go a long way. Believe me, when you start paying down that debt you may think it will take forever to pay it off. Guess what?! It does. No just kidding. It takes time but it is an attainable goal.

For example, I have two credit cards that I am currently paying off. Credit Card A has a balance of $4790. Credit card B has a balance of $1218.00, keep in mind at the beginning of this year the balance on credit card B was $3070.40. I have aggressively paid down card B because not only did it have the smaller balance but it had the higher interest rate. I choose to make only the minimum payments on Card A because I am focusing on the success of having paid off one card before I concentrate my efforts on the other. So far this plan of attack has worked for me. Whenever I receive extra money or can spare a larger payment I put it towards this card. Last pay period I was able to make a $400 payment instead of my usual $287. To date, I have paid off $1852.40. That is amazing to me! The best news is my payment plan of $287.00 per paycheck (I get paid every two weeks) will allow me to pay off credit card B next month!!!!!!!!!!!!!

I’m sure I will post a celebratory dance when I accomplish that Herculean feat.

By sacrificing and paying on my debt I am setting myself up for a plethora of wealth. First of all, no debt = more money in my pocket. Money in my pocket = savings. Savings = travel/vacation. Travel/vacation = recharging my batteries and exploring new places. Exploring new places = memories, and experiences you don’t get working your 9-5. New experiences = a fulfilling life rich with new opportunities. New opportunities = wealth.

Check out these personal finance blogs if you’re interested in changing your money habits for the better.

Tonya Radley My Fab Finance